The purpose of study was focused on perceiving how physical exercise can effect depression of old women, have the depressed women participate more in such physical activity, and ultimately providing fundamental material for a more healthy and improved life. To accomplish its purpose, the subject of this study used questionnaire with a total of 361 women aged over 60, including 145 who take physical exercise and 171 who don`t, from the areas of Joong-gu(S-dong, G-dong, and J-dong), Seodaemun-gu(D-dong) of Seoul, and Bundang-gu of Kyung-gi province participated as examines for the study. The statistics was drawn from the SPSS/win ver. 7.5 program based on the recollected material. Averages, frequencies, and standard deviations were drawn for analysis, and the ANOVA analysis and the x^2-test, t-test were done for verifying the hypothesis. And through the above methods and results of analysis, the following are concluded, and the results of this study were as follows : First, the difference of depression according to the general attribute of old age women, the degree of depression had more severed in the following order, older, less well off financially, less educated, and worse health condition. Second, regarding the degree of depression according to whether or not the examines took physical exercises, those who did take exercise had shown a considerable difference from those who did not in all of the 7 categories (symptoms of depression, loss of interest, feeling of unhappiness, anxiety, inefficient cognitive activity, the tendency to withdraw from social activity, and lack of motivation) (P＜.001). Third, according to what kind of exercise the examines took the degree of depression varied. Those who participated in gateball games would be the least depressed followed by those who would go mountain climbing, those who take gymnastics, those who go sport dancing, those who take aquarobics(swimming) classes, and those who play badminton in order.